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Stars who've gone bankrupt

Stars who've filed for bankruptcy

Fame and wealth don't always go hand in hand.

From Mike Tyson to Donald Trump, you may be surprised to see which high-profile celebrities have lost it all, either because of extravagant spending, mismanaged funds, substance abuse, backtaxes or, in most cases, some combination of the above.

By: Ken Lombardi

Credit: Ethan Miller/Getty Images

Mekhi Phifer

Phifer may appear in the blockbuster "Divergent," but he hasn't had the same financial success that his recent film has had.

The former "ER" star claims to owe $1.3 million in debt, against just $67,000 in assets. Most of the debt purportedly stems from back-taxes, which total $1.2 million.

Credit: Michael Buckner/Getty Images

Teri Polo

The "Meet The Parents" actress filed for Chapter 11 on April 14, 2014.

Court documents state that Polo has accrued debts to the IRS, credit card companies and lawyers totaling roughly $1 million.

Credit: Valerie Macon/Getty Images

Aaron Carter

Oh Aaron! The former teen heartthrob declared bankruptcy in November 2013.

At the time, he claimed to have a little over $8,000 in assets, against more than $2.2 million worth of debt, most of it to the IRS.

Credit: Alberto E. Rodriguez

Jose Canseco

The former Oakland Athletics slugger was forced to file for Chapter 7 in August 2012. At the time, Canseco's attorneys said he had $21,000 in assets and almost $1.7 million in liabilities.

During his notable baseball career, Canseco was crowned the 1986 American League rookie of the year and the 1988 league MVP.

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Janice Dickenson

Dickinson likes to refer to herself as the world's first official supermodel, but massive debts owed to plastic surgeons left her completely broke by 2013.

Credit: Michael Loccisano/Getty Images

Gary Coleman

In this handout photo, actor Gary Coleman, a candidate who ran in the 2003 California recall election, appears during a press conference to announce the Game Show Network's new show "Who Wants To Be Governor Of California? The Debating Game" on Aug. 15, 2003, in Los Angeles.

Coleman was one of the highest paid TV actors in the 1980s as the star of "Diff'rent Strokes," but he was forced to file for Chapter 7 bankruptcy in 1999, claiming $72,000 in debt from medical expenses. Coleman said his fortune was lost by his parents. He also had difficulty finding work after the hit sitcom came to an end.

Coleman died in 2010 at age 42.

Credit: Game Show Network via Getty Images

Willie Nelson

The country music star allegedly owed between $16-32 million to the IRS during the 1980s. He filed for Chapter 11 in 1990.

With the agency's blessing, Nelson released an album called "The IRS Tapes: Who'll Buy My Memories" to help pay back the debt.

Now in his 80s, Nelson continues to go on tour.

Credit: David Buchan/Getty Images

Larry King

King was forced to file for bankruptcy in 1978 after becoming embroiled in a Wall Street scandal. His broadcasting career was almost ruined. Luckily for him, he was able to recover and became the long-running host of CNN's "Larry King Live."

Credit: Angela Weiss/Getty Images

Dionne Warwick

In March 2013, Warwick publicly revealed that she was in deep financial trouble.

At the time, Warwick's publicist claimed that the five-time Grammy winner's funds had been mismanaged by her "handlers."

Credit: EVA HAMBACH/AFP/Getty Images

MC Hammer

MC Hammer is considered by many to be one of the first true "cross-over" rap stars, but extravagant spending led the "U Can't Touch This" performer to go belly up in 1996.

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Donald Trump

While Trump has never personally filed for bankruptcy, at least four of his casinos and business ventures have.

Credit: Mark Wilson/Getty Images

Mike Tyson

Tyson managed to squander a $300 million fortune he had amassed as a boxing champion in the 1980s.

He was forced to declare bankruptcy in 2003.

Tyson staged a number of comeback matches, starred in a one-man show in Vegas and appeared in films like "The Hangover" to help with his debts.